Petro Rio SA (PRIO3-BR)

R$ 34.77

Petro Rio SA
PRIO3-BR BYY0144 Sao Paulo Common stock
FactSet Fundamentals - Balance Sheet
31 DEC '17 31 DEC '18 31 DEC '19
RECAP RECAP RECAP
Total assets 1,270.2 1,516.2 5,489.8
Current assets 849.7 1,035.6 1,513.1
Current assets before non-current assets available for sale 849.7 1,035.6 1,513.1
Cash and cash equivalents 92.4 187.0 459.4
Financial investments 511.9 607.4 226.3
Advance expenditure 511.9 607.4 226.3
Trading securities 511.9 607.4 226.3
Securities designated at fair value 0.0

Accounts receivable 62.0 34.9 374.6

Clients 62.0 34.9 374.6
Inventories 41.2 58.3 125.5
Recoverable taxes 59.5 67.0 116.8
Taxes current recoverable 59.5 67.0 116.8
Prepaid expenses 3.1 1.7 10.3
Other assets current 79.5 79.3 200.2
Non-current assets for sale 28.3 26.6 0.0
Other 51.2 52.7 200.2
Advances to suppliers 28.8 37.9 52.2
Derivative financial instruments 0.0 0.0 9.4
Other receivables 0.8 0.2 0.2
Advances to partners 3.6 2.9 86.3
Restricted cash 18.0 11.6 52.2
Non-current assets available for sale
Total non-current assets 420.6 480.6 3,976.7
Non-current assets 98.8 69.3 232.5
Deferred taxes 18.5 11.3 160.3
Deferred income tax and social contribution 18.5 11.3 160.3
Other non-current assets 80.3 57.9 72.2
Advances to suppliers 12.6 12.6 12.6
Deposits and pledges 16.0 19.6 27.2
Recoverable taxes 51.7 25.7 32.4
Related parties
Property, plant and equipment 61.3 270.3 3,054.6
Right of use in leasehold
Fixed assets 61.3 240.6 2,693.2
Fixed assets in operation 61.3 240.6 2,241.1
Right of rental use 0.0 0.0 452.1
Long-term fixed assets 0.0 29.8 361.4
Investments
Intangible 260.5 140.9 689.5
Intangible assets 260.5 140.9 689.5
Intangible 260.5 140.9 689.5
Contract of lease 260.5 140.9 689.5
Customer portfolio
Software and others
Goodwill
Total liabilities and shareholders'equity 1,270.2 1,516.2 5,489.8
Total current liabilities and liabilities held for sale 216.9 371.0 1,669.8
Total current liabilities 216.9 371.0 1,669.8
Social and labor obligations 10.0 14.9 39.4
Payroll 10.0 14.9 39.4
Other labor liabilities 10.0 14.9 39.4
Suppliers 70.5 73.3 87.2
Domestic suppliers 37.3 42.2 66.7
Foreign suppliers 33.2 31.0 20.5
Taxes and social contributions 20.1 37.0 83.4
Tax liabilities federal 20.1 37.0 83.4
Income tax and social contribution tax payable 0.0 18.3 52.2
Others 20.1 18.7 31.2
Loans and financing 96.6 222.7 1,447.4
Loans and financing 75.0 222.4 1,224.3
Debentures 21.6 0.3
Lease financing 0.0 0.0 223.0
Other liabilities 19.6 23.1 12.4
Other 19.6 23.1 12.4
Liabilities from non-current assets available for sale and discontinued operations 0.0 0.0
Liabilities on assets from discontinued operations 0.0 0.0
Liabilities held for sale
Non-current liabilities 170.3 163.0 1,654.9
Loans and financing 31.4 95.1 810.7
Loans and financing excluding debentures 0.0 25.7 421.3
In local currency 0.0 25.7 54.2
In foreign currency 0.0 0.0 367.1
Debentures 31.4 69.4
Lease financing 0.0 0.0 389.4
Other liabilities 13.5 14.1 14.9
Suppliers 13.5 14.1 14.9
Other 13.5 14.1 14.9
Suppliers 13.5 13.4 13.2
Other liabilities 0.0 0.6 1.7
Contractual charges
Bonds
Other liabilities
Deferred taxes and social contributions 36.2
Deferred taxes 36.2
Provisions 89.2 53.9 829.2
Provision for contingencies 15.1 17.4 65.6
Provisions tax 0.3 0.3 23.2
Labor and social security provisions 14.8 17.1 42.5
Provisions social security and labor 14.8 42.5
Provisions civil 0.0
Provision for abandonment (ARO) 74.1 36.4 763.6
Provisions to liabilities environmental and of deactivation 74.1 36.4 763.6
Shareholders equity 883.1 982.2 2,165.1
Paid-up share capital 3,265.3 3,273.1 3,316.4
Capital reserves 73.9 67.1 228.0
Goodwill on share issuance 73.9 67.1 228.0
Options granted 0.0 0.0
Treasury shares
Profit on sale of treasury shares 0.0 0.0
Profit reserves 0.0
Legal reserve 0.0
Reserve of unrealized profits 0.0
Investment reserve 0.0
Accumulated profits / losses -2,547.8 -2,372.8 -1,530.4
Accumulated losses
Income / loss for the period
Other comprehensive income 91.8 14.7 150.3
Equity valuation adjustments 26.7 -79.3
Accumulated translation adjustment 65.1 94.1 150.3
Non-controlling shareholder participation 0.0 0.0 0.8
All figures in millions of Brazilian Real.
 Petro Rio SA
PRIO3-BR BYY0144 Sao Paulo Common stock
FactSet Fundamentals - Income Statement
31 DEC '20 31 DEC '21 31 DEC '17 31 DEC '18
RECAP RECAP RECAP
6,792.8 12,221.4 Net revenue 533.9 848.9
1,841.4 6,106.3 Costs of products / services -435.1 -524.5
1,841.4 6,106.3 Costs of products / services excluding depreciation and amortization and royalties
809.3 970.7 Depreciation and amortization
22.8 3,680.2 Royalties
22.8 3,680.2 Gross revenue 98.9 324.4
22.8 0.0 Operating expenses / revenues -56.6 -137.8
0.0 3,680.2 Total general and administrative expenses -98.1 -118.0
Geology and geophysics expenses -0.7 -2.6
386.2 915.0 Personnel expenses -37.9 -54.5
386.2 915.0 General and administrative expenses -13.2 -19.3
194.7 217.5 Expenses with outsourced services -40.4 -33.8
124.3 85.8 Taxes and rates -3.6 -5.5
124.3 85.8 Depreciation and amortization expenses -2.3 -2.3
25.6 9.8 Equity in income of subsidiaries
278.6 227.3 Income from transactions with permanent assets
68.4 74.5 Losses due to non-recoverability of assets 0.0
 210.2 152.8 Provision for impairment 0.0
58.2 84.0 Other operating income / expenses, net 41.5 -19.8
14.9 35.0 Other operating revenues
0.0 0.5 Other operating expenses -19.8
87.0 33.2 Operating profit / loss before financial income / expenses 42.2 186.6
50.0 0.0 Financial results 6.4 50.9
Financial income 171.8 316.7
4,951.4 6,115.1 Financial expenses -165.3 -265.8
265.7 397.9 Profit / loss before income tax and social contribution 48.7 237.5
199.9 378.7 Income and social contribution taxes 2.2 -31.2
199.9 378.7 Current income tax and social contribution -2.5 -43.0
65.8 19.2 Deferred income tax and social contribution 4.7 11.8
12.6 0.0 Profit / loss from continuing operations 50.9 206.3
20.3 10.6 Income from discontinued operation
32.8 8.6 Profit / loss for the period 50.9 206.3
Profit / loss for the period attributed to non-controlling shareholders 0.0
3,728.8 3,974.9 Income / loss attributed to the parent company's partners 50.9 206.3
Per share
3,344.5 3,473.7 Basic 3.85 1.70
2,974.6 3,047.8 Diluted 3.85 1.70
369.8 425.9 Weighted average shares
384.4 501.2 Basic
Diluted
956.9 1,742.3 Basic
956.9 1,742.3 Potentially dilutive actions in future years with profit
956.9 1,742.3 All figures in millions of Brazilian Real except per share items.
956.9 1,742.3

6,792.8 12,221.4
2,149.4 1,086.0
2,149.4 1,086.0
54.9 131.5
54.9 131.5
54.9 131.5
236.9 292.2
170.3 30.0
66.6 262.2
87.7 183.7
87.7 183.7
52.7 126.3
35.0 57.4
1,772.6 106.5
1,520.0 0.6

252.6 105.9
0.0 376.7
0.0 376.7
-2.6 -4.5
-2.6 -4.5

1,492.1 4,515.2
763.2 3,794.8
389.8 3,307.4
0.0 0.0
389.8 3,307.4

373.5 487.5
14.6 0.8
14.6 0.8
14.6 0.8
 13.6 0.4
1.0 0.4

714.3 719.6
75.8 27.3
14.2 0.4
61.6 26.9
61.6 15.3
0.0 11.6
638.5 692.3
638.5 692.3
3,151.3 6,620.2
3,326.9 5,303.6
321.4 348.9
109.0 109.0
253.2 280.8

-40.9 -40.9
0.0 255.4
0.0 12.8
0.0 60.7
0.0 182.0
-1,077.7 0.0

579.8 712.3
579.8 712.3
0.8 0.0
 Exercícios

Número de Ações

1) Qual a dívida líquida da empresa?

31 DEC '19 31 DEC '20 31 DEC '21 31 DEC '22E 31 DEC '23E 31 DEC '24E
RECAP RECAP 2) Qual o Enterprise Value da empresa?
1,644.3 1,904.2 4,396.0 4,835.6 5,319.2 5,851.1
-940.4 -1,286.9 -1,883.4 -2,034.0 -2,196.7 -2,372.5 3) Calcule os múltiplos NTM:

a) EV/EBIT
ebitda 2,232.4 b) EV/EBITDA
704.0 617.3 2,512.6 2,801.6 3,122.4 3,478.6 c) EV/Revenue
174.3 325.5 -391.2 -414.8 -443.1 -473.2 d) P/E
-245.7 -337.9 -315.6 -339.2 -367.5 -397.6 e) Price to Book
-0.6 -0.5 -10.3 -11.2 -12.2 -13.3 f) Dividend Yield
-48.2 -37.9 -114.8 -126.3 -139.0 -152.9
-25.1 -43.5 -25.2 -25.3 -27.7 -29.3 4) Calcule os múltiplos forward:
-34.5 -46.2 -47.7 -47.7 -47.7 -47.7
-11.1 -16.4 -6.7 -6.7 -6.7 -6.7 a) EV/EBIT
-126.1 -193.5 -111.0 -122.1 -134.3 -147.7 b) EV/EBITDA
c) EV/Revenue
d) P/E
 5) Quais empresas você colocaria no trading comps da PetroRio
420.0 663.4 -75.6 -75.6 -75.6 -75.6

420.0 663.4 -75.6 -75.6 -75.6 -75.6

878.3 942.7 2,121.4 2,386.8 2,679.3 3,005.4
-337.3 -458.7 -622.3 -680.4 -743.2 -811.0
377.1 1,469.2 946.5 1,076.7 1,224.7 1,393.1
-714.4 -1,927.8 -1,568.9 Eu colocaria
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-1,968.0 a extração, como a Vale e a Petrobrás. Os critérios que eu levaria em consider
-2,204.1
541.0 484.1 1,499.1 1,706.3 1,936.1 2,194.4
301.3 -31.2 -166.1 -182.7 -201.0 -221.0
-55.7 -77.1 -344.8 -379.3 -417.2 -458.9
357.0 46.0 178.7 196.6 216.3 237.9
842.3 452.9 1,333.0 1,523.6 1,735.1 1,973.4

842.3 452.9 1,333.0 1,523.6 1,735.1 1,973.4

0.0 -0.1 0.0
842.3 452.8 1,333.0 1.73 1.97 2.24
2,508.8 2,813.6 3,153.1
6.30 0.67 1.62
6.30 0.66 1.60

676.7 825.2
685.6 834.5
676.7 825.2
8.9 9.2
 882.6

3,901.3

8,297.3

3.7x
1.9x

2022 2023 2024

1.7x 1.6x 1.4x

comps da PetroRio? Quais critérios você levaria em consideração para a escolha?

varia em consideração são o tamanho e maturidade da empresa e o setor em que ela esta inserida.